15 Florida Cities Where It’s Cheaper To Rent Than To Own a Home

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Thinking of moving to Florida from another state this year? If so, you’re one among many. Recent survey data from moveBuddha found that Florida was the No. 1 place Americans would like to relocate to in 2025.

Many financial experts recommend buying a home instead of renting one, so long as buying is financially feasible and fits in with your big picture plans. Consider that sometimes, you can save an awful lot of money, on a monthly basis, by renting.  

In a new study, GOBankingRates analyzed rental and mortgage costs to find the cities in the Sunshine State where it is cheaper to rent than to own. These are the top 15 cities in Florida where renting is indeed cheaper than owning.

15. North Bay Village

• Average single-family home value: $1,050,489  
• Monthly average mortgage cost: $5,518 
• Monthly average rent cost: $2,783     
• Monthly savings by renting instead of owning: $2,735  

14. Key West

• Average single-family home value: $1,208,539  
• Monthly average mortgage cost: $6,348 
• Monthly average rent cost: $3,567     
• Monthly savings by renting instead of owning: $2,782 

13. Sunny Isles Beach

• Average single-family home value: $1,331,543  
• Monthly average mortgage cost: $6,994 
• Monthly average rent cost: $4,061    
• Monthly savings by renting instead of owning: $2,933 

12. Surfside

• Average single-family home value: $1,374,384  
• Monthly average mortgage cost: $7,219 
• Monthly average rent cost: $4,266     
• Monthly savings by renting instead of owning: $2,953  

11. Palmetto Bay

• Average single-family home value: $1,093,942  
• Monthly average mortgage cost: $5,746 
• Monthly average rent cost: $2,615     
• Monthly savings by renting instead of owning: $3,132

10. Lighthouse Point

• Average single-family home value: $1,150,223 
• Monthly average mortgage cost: $6,042 
• Monthly average rent cost: $2,544     
• Monthly savings by renting instead of owning: $3,497

9. Ojus

• Average single-family home value: $1,144,347  
• Monthly average mortgage cost: $6,011 
• Monthly average rent cost: $2,452     
• Monthly savings by renting instead of owning: $3,559

8. Highland Beach

• Average single-family home value: $1,869,702  
• Monthly average mortgage cost: $9,821
• Monthly average rent cost: $5,894     
• Monthly savings by renting instead of owning: $3,927

7. Pinecrest

• Average single-family home value: $2,304,524  
• Monthly average mortgage cost: $12,105 
• Monthly average rent cost: $6,392     
• Monthly savings by renting instead of owning: $5,713

6. Coral Gables

• Average single-family home value: $1,969,977  
• Monthly average mortgage cost: $10,348 
• Monthly average rent cost: $3,188     
• Monthly savings by renting instead of owning: $7,160

5. Bay Harbor Islands

• Average single-family home value: $2,530,731  
• Monthly average mortgage cost: $13,293 
• Monthly average rent cost: $2,906     
• Monthly savings by renting instead of owning: $10,387

4. Miami Beach

• Average single-family home value: $2,533,378  
• Monthly average mortgage cost: $13,307 
• Monthly average rent cost: $2,899     
• Monthly savings by renting instead of owning: $10,408

3. Key Biscayne

• Average single-family home value: $3,830,026  
• Monthly average mortgage cost: $20,118 
• Monthly average rent cost: $7,083     
• Monthly savings by renting instead of owning: $13,035

2. Bal Harbour

• Average single-family home value: $6,510,457  
• Monthly average mortgage cost: $34,198 
• Monthly average rent cost: $8,996     
• Monthly savings by renting instead of owning: $25,202

1. Palm Beach

• Average single-family home value: $10,633,975  
• Monthly average mortgage cost: $55,858
• Monthly average rent cost: $9,134     
• Monthly savings by renting instead of owning: $46,724

Methodology: For this study, GOBankingRates analyzed cities in Florida to find places where it is cheaper to rent than to own. First, GOBankingRates identified cities in those states with an average single-family home value as well as an average rental cost. Assuming a 10% down payment and using the national average 30-year fixed mortgage rate of 6.87%, as sourced from the Federal Reserve Economic Data from Feb. 13, 2025, the average mortgage cost can be calculated for each city. The cities with a lower average rental cost than average mortgage were kept for this study. For each location a number of factors were found including; total population, population ages 65 and over, total households, and household median income all sourced from the U.S. Census American Community Survey. Using this data the percentage of the population ages 65 and over can be calculated. The cost of living indexes were sourced from Sperling’s BestPlaces and include the grocery, healthcare, housing, utilities, transportation, and miscellaneous cost of living indexes. Using the cost of living indexes and the national average expenditure costs, as sourced from the Bureau of Labor Statistics Consumer Expenditure Survey, the average expenditure cost for each location can be calculated. The livability index was sourced from AreaVibes for each location and included as supplemental information. Using the average mortgage and average expenditure costs, the average total monthly and annual cost of living can be calculated. The difference of rent from mortgage can be calculated and the cities were sorted to show the largest savings when someone is paying rent versus mortgage. All data was collected on and is up to date as of Feb. 19, 2025.

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